Conventional

Heat from a conventional oven relies mainly on electromagnetic waves that radiate from the oven's sides. The air moves throughout the oven by natural convection—the warmed air rises and is replaced by cooler air, which then rises and is replaced, and so on. This is the least expensive oven, which runs around $850. The downside to a conventional oven is that when you have food on the top and bottom shelves the heat isn't evenly distributed because it rises, which means the food on the bottom will cook quicker than the food on top.

Convection

Convection works faster than conventional ovens because it uses a fan that keeps the air circulating to ensure an even distribution of heat and faster cooking. All convection ovens are electric. The benefits to using convection are you can cook different dishes like fish and cookies at the same time without worrying about odors and tastes mixing and you don't have to move food around because the circulating air reaches everything. The downside to convection ovens are they cook faster than conventional ovens so you'll have to adapt your recipe's cooking time. The average cost for a convection is about $1300.

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Microwave

Microwaves cook by getting water molecules in the food moving in a rapidly alternating electrical field. In order to cook effectively it is recommended that your microwave operate on 750 to 1,000 watts. Most microwaves come with programmed buttons for specific foods, which is helpful since microwaves cook food much faster than ovens. Microwaves are usually used as a cooking accessory to heat side dishes and warm-up leftovers, because they don't afford the same taste and browning that an oven does. Depending on the size and brand, a microwave can cost between $100 to $500.

Combination

Some ovens combine the advantages of several types. You can purchase a conventional oven with a convection option, for example. Or you can buy a microwave/halogen light oven that can be used as a regular microwave or as a halogen light cooker—which can quicken your cooking time. You can also get a combination convection/microwave that allows you to brown food so it looks as if it has been cooked in a conventional oven. The benefits to using a combination is that you can prepare your dinners faster because you have more options, but they tend to be pricey - starting at around $1500.